Upsurge

BANGKO Sentral ng Pilipinas (BSP) recently reported that OFW remittances surged by 11 percent in November 2010 — from the $1.5 billion recorded in November 2009 to $1.6 billion in 2010.
Cumulative remittances amounted to $17 billion from January to November, up year-on-year by 8.2 percent from $15.8 billion.
BSP Gov. Amando Tetangco Jr. credits the surge to the growing demand for Filipino workers with diversified skills and to the Philippine government’s efforts in seeking employment deals with host countries. Documents from the Philippine Overseas Administration showed that approved job orders for Overseas Filipino Workers came to 624,045 in 2010.
An estimated 10 million Filipinos are currently working abroad.
Remittances from January to November last year came mostly from the United States, Canada, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Singapore, Italy, Germany and Norway.
Remittance centers and tie-ups with money transfer agents in various countries were instrumental in encouraging Overseas Pinoys to send money back home.
“Given the steady levels of remittances through November, the projected full year 2010 remittance level will likely be achieved,” Tetangco said.
BSP is expecting another 8 percent growth in remittances for 2011.
According to Inquirer.net, “Remittances are a closely watched economic indicator given that these largely fuel consumption of Filipino households. Consumption is a bigger driver of the Philippine economy than investments.”
Currently, the Philippines ranks fourth among remittance-receiving countries – after China, India and Mexico.
To most Pinoys, remittances are more than just economic indicators — they are indicators of close family ties and our inherent quality to strive for the financial security of our loved ones back home.
However, there is also a downside to having an influx of remittances – it also means that the number of skilled human resources in the country is depleting and the lack of opportunities for good-paying jobs is to blame for the malady.
(www.asianjournal.com)
(LA Midweek Jan 19-21, 2011 Sec A pg. 6)